AllianceBernstein (NYSE:AB) Share Price Passes Above Fifty Day Moving Average – Here’s What Happened

Shares of AllianceBernstein Holding L.P. (NYSE:AB) crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $36.76 and traded as high as $37.39. AllianceBernstein shares last traded at $37.1570, with a volume of 240,784 shares traded.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Sanford C. Bernstein reiterated an “outperform” rating on shares of AllianceBernstein in a research report on Friday, July 10th. Evercore set a $39.00 target price on AllianceBernstein in a research report on Friday, July 10th. TD Cowen lifted their price target on AllianceBernstein from $37.00 to $38.00 and gave the company a “hold” rating in a research report on Monday, July 20th. Barclays dropped their price objective on AllianceBernstein from $40.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 29th. Finally, Weiss Ratings cut AllianceBernstein from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, AllianceBernstein currently has an average rating of “Hold” and a consensus price target of $39.50.

AllianceBernstein Price Performance

The business has a 50 day simple moving average of $36.76 and a 200 day simple moving average of $38.24. The stock has a market cap of $3.47 billion, a PE ratio of 10.98, a P/E/G ratio of 1.21 and a beta of 0.80.

AllianceBernstein (NYSE:AB) last released its quarterly earnings results on Tuesday, July 28th. The asset manager reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.01). AllianceBernstein had a return on equity of 25.94% and a net margin of 6.60%.The company had revenue of $887.55 million for the quarter, compared to the consensus estimate of $907.67 million. During the same quarter last year, the company posted $0.76 EPS. The business’s revenue was up 7.5% compared to the same quarter last year. As a group, sell-side analysts forecast that AllianceBernstein Holding L.P. will post 3.48 earnings per share for the current fiscal year.

AllianceBernstein Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Wednesday, August 12th will be issued a $0.82 dividend. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $3.28 annualized dividend and a yield of 8.8%. AllianceBernstein’s dividend payout ratio is 98.22%.

Insider Buying and Selling at AllianceBernstein

In other news, Director Charles G.T. Stonehill sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $37.17, for a total value of $185,850.00. Following the sale, the director directly owned 24,573 shares in the company, valued at approximately $913,378.41. This represents a 16.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.70% of the company’s stock.

Institutional Trading of AllianceBernstein

Institutional investors and hedge funds have recently made changes to their positions in the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in AllianceBernstein during the 4th quarter worth approximately $28,000. Axiom Investment Management LLC bought a new stake in AllianceBernstein in the 1st quarter valued at $28,000. Russell Investments Group Ltd. bought a new stake in shares of AllianceBernstein during the 2nd quarter worth about $28,000. Fifth Third Bancorp bought a new position in AllianceBernstein during the 2nd quarter worth $29,000. Finally, Ascentis Independent Advisors bought a new stake in AllianceBernstein in the 1st quarter valued at about $30,000. Institutional investors own 19.25% of the company’s stock.

About AllianceBernstein

AllianceBernstein is a global investment management firm that offers a broad range of research-driven strategies across equities, fixed income, multi-asset solutions and alternative investments. The firm provides active and quantitative portfolio management, drawing on in-house research capabilities to serve the needs of institutional clients, private wealth investors and intermediaries. Its product lineup encompasses mutual funds, separately managed accounts and customized investment vehicles designed to meet diverse risk-return objectives.

The firm’s roots date back to 1967 with the founding of Sanford C.